SIS INT'L (00529) intends to acquire 100% of the issued shares of the target entity OneT Solutions Pte. Ltd.

SIS INT'L (00529) announced that on September 22, 2024, the buyer SiS Distribution Limited (a wholly-owned subsidiary) and the seller have entered into a sale and purchase agreement. The buyer has conditionally agreed to acquire, and the seller has conditionally agreed to sell, the sale shares of the target entity OneT Solutions Pte Ltd., representing 100% of the issued shares, at a price of SGD 4.165 million (equivalent to approximately HKD 24.99 million). Within 7 days after completion, the target entity will issue 214,300 new shares (approximately 30% of the enlarged issued share capital of the target entity) at SGD 1 per share to Mr. Teh Kim Chan, as part of his compensation under the employment agreement. The company will indirectly hold approximately 70% of the enlarged issued share capital of the target entity. Therefore, the target entity will become a subsidiary of the company indirectly held by approximately 70%. The acquisition aligns with the group's strategy of enhancing its distribution business by providing consulting services to corporate clients. The board of directors believes that the acquisition will create synergies in the group's regional distribution business. Additionally, the target entity's expertise and industry connections will enable the group to respond more effectively to market demands, address evolving customer needs, and capitalize on emerging market opportunities.